Bus 426 - Chapter 19

2 Pages
Unlock Document

Business Administration
BUS 426
Michael Favere- Marchesi

Chapter 19 -Audit of the Inventory and Warehousing Cycle Nature of the Inventory and Warehousing Cycle  Inventory and Warehousing Cycle  Inventory is often the largest item  Inventory is often in different locations  Functions in the Cycle and Internal Controls  Process purchase orders (What inventory the company should get more of)  Receive new materials  Store raw materials  Process goods o Job Cost System: Costs are accumulated by individual jobs where material is used and labour costs are incurred o Process Cost System: Costs are accumulated for a process, with unit costs for each process assigned to the products passing through the process  Store finished goods  Perpetual inventory files o Perpetual Inventory Data Files: Contains recorded of inventory items purchased, used, sold and on hand for merchandise, raw materials and finished goods Audit of Inventory  Acquire and Record Raw Materials, Labour and Overhead  Transfer Assets and Costs  Ship Goods and Record Revenue and Costs  Physically Observe Inventory  Pri
More Less

Related notes for BUS 426

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.